The Securities Appellate Tribunal (SAT) on Friday extended interim relief to six more companies, earlier barred from trading by the markets regulator, Securities and Exchange Board of India (Sebi), for being "suspected shell companies". On Thursday, SAT stayed restrictions imposed by the Sebi on shares of J Kumar Infraprojects and Prakash Industries.
Since Monday, August 7, trading in 331 companies had been halted after they were moved to Stage VI of graded surveillance measures, where trading is allowed only once a month. These entities had moved the appellate tribunal against Sebi for classifying them as "shell companies". They've all given several documents and their statement of filings to argue that they are not shell companies and are in compliance with all regulations.
Prakash Industries tanked 18% to Rs 90.80 on BSE in intra-day trade, extending its Friday’s 20% fall, on back of heavy volumes. The trading volumes on the counter surged more than six-fold with a combined 7.84 million shares changed hands on BSE and NSE till 09:43 am.
J Kumar Infraprojects, too, plunged 20% to Rs 182, after its previous day’s 20% decline on BSE.
|J KUMAR INFRA||190.95||226.95||-15.86|
|SQS INDIA BFSI||463.00||501.55||-7.69|
|Latest price on BSE in Rs at 09:51 am.|